Which currency is SOA Canada Merchant Consolidated VAT Invoice?
Hello,
I am located in Canada but sell in both the Canadian and US marketplaces. I recently figured out that as Sellers we also pay taxes on FBA fees. I wondered in which currency the SOA Canada Merchant Consolidated VAT Invoice is issued. I found two types of invoices in the Tax Document Library that are issued by Amazon.ca and Amazon.com. Unfortunately, no currency is specified on them. I understand that the invoice from Amazon.ca is in CAD but what about the invoice issued by Amazon.com? Has it been converted to CAD for Canadian sellers or not?
Any help will be appreciated.Thanks
Which currency is SOA Canada Merchant Consolidated VAT Invoice?
Hello,
I am located in Canada but sell in both the Canadian and US marketplaces. I recently figured out that as Sellers we also pay taxes on FBA fees. I wondered in which currency the SOA Canada Merchant Consolidated VAT Invoice is issued. I found two types of invoices in the Tax Document Library that are issued by Amazon.ca and Amazon.com. Unfortunately, no currency is specified on them. I understand that the invoice from Amazon.ca is in CAD but what about the invoice issued by Amazon.com? Has it been converted to CAD for Canadian sellers or not?
Any help will be appreciated.Thanks
1 reply
Jurgen_Amazon
Hello @Seller_GvvHgjZpQrchB,
Thank you for your question about the currency used in the SOA Canada Merchant Consolidated VAT Invoice. This is an important detail for accurate bookkeeping and tax reporting.
To clarify:
- Invoices issued by Amazon.ca are indeed in Canadian Dollars (CAD).
- Invoices issued by Amazon.com are typically in US Dollars (USD), even for Canadian sellers. Amazon.com generally does not convert these to CAD for Canadian sellers.
It's important to note that while the currency isn't always explicitly stated on the invoice, you can usually infer it based on which Amazon Marketplace issued the invoice.
For accurate financial records:
- Treat Amazon.ca invoices as CAD.
- Treat Amazon.com invoices as USD.
- Use the exchange rate on the date of the transaction when converting USD to CAD for your Canadian tax reporting.
If you're ever unsure about the currency of a specific invoice, you can cross-reference the amounts with your settlement reports, which typically specify the currency.
For other sellers dealing with multiple currencies:
- How do you manage currency conversions in your bookkeeping?
- Have you found any helpful tools or practices for dealing with multi-currency Amazon sales?
Remember, for specific tax advice related to your business, it's always best to consult with a qualified tax professional familiar with e-commerce and cross-border sales.
Jurgen
